Category: Stock Market News

U.S. stocks opened higher on Wednesday, with major indexes hitting record levels as a number of bellwether companies reported better-than-expected quarterly results. The Dow Jones Industrial Average rose 89 points, or 0.4%, to 21,702. The S&P 500 added 2.7 points to 2,480, a gain of 0.1%. The Nasdaq Composite Index was up 14 points to 6,426, a rise of 0.2%. Both the Dow and the Nasdaq hit intraday records in early trading, with the S&P 500 a few points away from its own record. Among the most notable names that reported, Boeing Co. and Coca-Cola Co. both topped consensus forecasts; Boeing shares gained 5.4% while Coca-Cola fell 1.6%. Both stocks are Dow components. Separately, AT&T Inc. , Chipotle Mexican Grill Inc. , and Advanced Micro Devices Inc. all rallied following their results. On the downside, Ford Motor Co. and Amgen Inc. were both lower following their results.

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Shares of Diana Containerships Inc. plummeted 31% toward a record low in premarket trade Wednesday, after the provider of shipping transport services said it will effect a 1-for-6 reverse stock split. The stock will begin trading on a split-adjusted basis on or about July 27. That would be the second reverse split this month, after a 1-for-7 split went into effect on July 5. The stock recently traded at 32 cents ahead of the open, which is below the previous record low close of 45 cents, most recently hit on July 21. The stock has plunged 97.6% year to date through Tuesday, while the S&P 500 has gained 10.6%.

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Vera Bradley Inc. said Wednesday that it’s launching its first bedding collection with a virtual reality (VR) demonstration at the company’s flagship store in the Soho section of New York City. The collection will be presented with Obsess VR and Daydream by Google . The demo will also be available at 10 Vera Bradly stores across the country. The collection will include comforters, quilts and pillows, priced from about $30 to $180. It will be available from July 27 through August 23 at the Soho store and will remain available at select Bed Bath & Beyond and Bon Ton Stores locations, and on the Vera Bradley website. Vera Bradley shares are down 17.2% for the year so far while the S&P 500 index is up 10.6% for the period.

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Wal-Mart Stores Inc. has launched Easy Reorder, available on the Walmart app and on desktop computers. Easy Reorder lists purchases made in-store and online and makes them available for purchase. Some of the top items on reorder lists include Nabisco Ritz crackers, Oreo cookies, water, and Dawn dishwashing liquid. Wal-Mart shares are nearly flat in Wednesday premarket trading, and up 13.6% for the year so far. The S&P 500 index is up 10.6% for 2017 so far.

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U.S. Steel Corp. named Wednesday Kevin Bradley as its chief financial officer, taking the place of interim CFO Pipasu Soni. Bradley were previously the CFO of Terex Corp. . Soni was appointed interim CFO in June after David Burritt took over the role of chief executive officer. “Kevin possesses the vast financial knowledge and strong leadership skills necessary to strengthen our balance sheet, help improve our operations and realize improvements in safety, quality, delivery and cost,” said CEO Burritt. The stock soared 7.4% in premarket trade toward a 3-month high, after the steel maker beat second-quarter profit expectations and provided upbeat guidance. The stock has tumbled 26% year to date through Tuesday, while the S&P 500 has gained 11%.

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Shares of Boeing Co. soared 3.6% toward a record high in premarket trade Wednesday, giving a big boost to futures for the Dow Jones Industrial Average , after a profit beat and raised outlook. The aerospace and defense giant’s stock price gain of $7.54 ahead of the open would add about 52 points to the Dow’s price. Dow futures were up 71 points in recent trade, or a little over 0.3%, while S&P 500 futures were up 0.2%.

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State National Companies Inc. said Wednesday it agreed to be acquired by Markel Corp. in a deal that values the property and casualty insurer at about $885.6 million. Under terms of the deal, Markel will pay $21 in cash for each State National share outstanding, which is 6.8% above Tuesday’s closing price of $19.67. The deal is expected to close in the fourth quarter of 2017, after which State National will operate as a separate business unit. “We believe this transaction with Markel is good for our employees and clients, as well as our shareholders,” said State National chief executive Ted Ledbetter. “This transaction is all about growth, not cost-cutting, and we believe that State National employees will benefit from being part of a larger, stronger, growth-oriented company with a more diversified platform.” State National’s stock is halted for news until 8:40 a.m. ET. It has soared 42% year to date through Tuesday, while Markel’s stock has climbed 14% and the S&P 500 has gained 11%.

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Shares of AT&T Inc. were up more than 3% in premarket trade on Wednesday after the company reported second-quarter earnings after the bell on Tuesday that beat Wall Street expectations. The internet, phone and TV provider also reported wireless phone results that surprised analysts. AT&T added 127,000 new wireless postpaid subscribers, far above FactSet’s consensus for 20,500 adds, and the company reported record low churn, thanks in part to DirecTV. “Despite the competitive environment, and solid volumes from T-Mobile, bundling with [DirecTV] drove strong wireless results,” wrote Jefferies analyst Mike McCormack. The company lost 351,000 traditional TV subscribers in the quarter, though that was offset thanks to its internet live TV offering DirecTV Now, which the company said has half a million subscribers. But management admitted that cord-cutting in the TV landscape is still having an impact and in fact has increased. “Comments around cord-cutting and OTT adoption bear monitoring as inflection in trends could indicate accelerating linear subscriber declines,” McCormack wrote. AT&T shares have declined nearly 15% in the year to date, while the S&P 500 index has gained close to 11%.

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Biogen Inc. shares surged as much as 2% in premarket trade Wednesday after the company was upgraded to buy at Goldman Sachs and its price target was raised by nearly 20% to $338. Biogen shares closed at $282.96 on Tuesday. Goldman Sachs analyst Terence Flynn said that Biogen’s Alzheimer’s drug aducanumab “could now be one of the first disease-modifying drugs to reach the market,” selling as much as $12 billion at peak. Late-stage clinical trial results for Biogen’s aducanumab are expected in the fourth quarter of 2019 or the first quarter of 2020, but results for partner Eisai’s Alzeimer’s drug BAN2401 — expected by the end of this year — should reflect on Biogen’s drug, Flynn said. The field for an Alzheimer’s disease drug opened up more after a late-stage trial for Eli Lilly & Co.’s Alzheimer’s drug solanezumab failed to meet its primary endpoint last fall. Though investors have worried about competitive and pricing threats to Biogen’s multiple sclerosis franchise, Flynn said those were “overblown.” Flynn also expressed high hopes for the company’s “under-leveraged” balance sheet, and recommended more aggressive share buybacks. Biogen shares have lifted 1.1% over the last three months, compared with a 3.8% rise in the S&P 500 .

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RBB Bancorp said Wednesday it has priced its initial public offering at $23 a share. The Los Angeles-based bank sold 3.75 million shares to raise $86.3 million. The stock is expected to start trading later Wednesday on the Nasdaq, under the ticker symbol “RBB”. Sandler O’Neill, Keefe Bruyette & Woods, and Stephens Inc. were underwriters on the deal with FIG Partners acting as co-manager.

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